Why Bitcoin?

[Enzyme]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

[shorena]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

Fees[1].

[1] https://bitcoin.org/bitcoin.pdf

[zetaray]

That happens after year 2100. Still a long way to go. I think we will be using a completely different crypto before that happens.

[numanoid]

The miners will get their fees from the transaction at that time

[DarkHyudrA]

Not only fees, but mass adoption too.
If the amount of people using Bitcoin in ~2100 would be the same as today, mining would die and the whole network would aswell.

[redsn0w]

That happens after year 2100. Still a long way to go. I think we will be using a completely different crypto before that happens.

I doubt that . But even if all coins do get mined, miners would still be paid from the txin fees.
The fees actually might be upped a bit if that ever happens.

I think the real mining will "die" after the ~2032, because the block reward will be less than | < 1 BTC |. How much do you think the fee will be ?


Source : https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term

[albert11]

Would it be possible to fork the block chain  so that everyone can mine like the good old days and still make money

Say miners gets paid from tx fees, and amount of transaction a miner can confirm = computing power , there will still be big mining farms but at least everyone can earn from that.

I think it is really important to recreate a system where everyone can mine, a bit like maidsafe concept where everyone can store data and be rewarded safecoin , i think this is much more powerfull so the question is can a code modification do that?

[DarkHyudrA]

Would it be possible to fork the block chain  so that everyone can mine like the good old days and still make money

Say miners gets paid from tx fees, and amount of transaction a miner can confirm = computing power , there will still be big mining farms but at least everyone can earn from that.

I think it is really important to recreate a system where everyone can mine, a bit like maidsafe concept where everyone can store data and be rewarded safecoin , i think this is much more powerfull so the question is can a code modification do that?

The first days of mining no one made money.
Or you dont know about the pizza bought with 10.000 BTC?

[albert11]

Would it be possible to fork the block chain  so that everyone can mine like the good old days and still make money

Say miners gets paid from tx fees, and amount of transaction a miner can confirm = computing power , there will still be big mining farms but at least everyone can earn from that.

I think it is really important to recreate a system where everyone can mine, a bit like maidsafe concept where everyone can store data and be rewarded safecoin , i think this is much more powerfull so the question is can a code modification do that?

The first days of mining no one made money.
Or you dont know about the pizza bought with 10.000 BTC?

you missed the point,

With the current system miners will ask for high fees in order to pay their massive set up electricity cost.

If everyone on the network can contribute even volontarily or for a small reward then the fees are likely not to be high( which is one of the reason why bitcoin is attractive to people) and also mining monopoly is very risky, i don't think this sytem is sustainable in the long term

[Silly Money]

That happens after year 2100. Still a long way to go. I think we will be using a completely different crypto before that happens.

It's possible. Call me a cynic but I just can't see bitcoin lasting that long, though I hope I'm wrong. Surely something else that is far superior will have come along by then?

That happens after year 2100. Still a long way to go. I think we will be using a completely different crypto before that happens.

I doubt that . But even if all coins do get mined, miners would still be paid from the txin fees.
The fees actually might be upped a bit if that ever happens.

What I'm worried about is what if the fees become to expensive for smaller transactions or the fees are too small and not enough for the miners to keep mining in profit. Is there a way to find a balance? If electricity and hardware gets more whilst bitcoin's value falls expensive could the blockchain be sustained?

[pooya87]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

first of all it is the problem which is not going to happen soon. secondly don't forget about transaction fees. in the future when the block rewards are lowered the fees will cover the cost, it will happen either by higher price of bitcoin or higher fees.

[DarkHyudrA]

Would it be possible to fork the block chain  so that everyone can mine like the good old days and still make money

Say miners gets paid from tx fees, and amount of transaction a miner can confirm = computing power , there will still be big mining farms but at least everyone can earn from that.

I think it is really important to recreate a system where everyone can mine, a bit like maidsafe concept where everyone can store data and be rewarded safecoin , i think this is much more powerfull so the question is can a code modification do that?

The first days of mining no one made money.
Or you dont know about the pizza bought with 10.000 BTC?

you missed the point,

With the current system miners will ask for high fees in order to pay their massive set up electricity cost.

If everyone on the network can contribute even volontarily or for a small reward then the fees are likely not to be high( which is one of the reason why bitcoin is attractive to people) and also mining monopoly is very risky, i don't think this sytem is sustainable in the long term

What you said is already possible, but CPU power is too weak compared to the tons of ASICs on the network right now.
And if fees need to be higher due to the lack of use of transactions, then Bitcoin would die, no one will pay more than a CC would do.
Side note: remember that fees only serve to make sure your output receives enough priority in the network so that it can minted in the next block.

[Tsquared]

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

[Meuh6879]

What could be used as a further incentive to mine?

Trust.



(like P2P File Sharing, it's free ... too)

[avatar_kiyoshi]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

Of course the fees I think. Now so many cloudmining service up to public, that's prove mine still worth(exactly for big pocket )
I can't imagine if all miner stop their mining.

[mlferro]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

I can't imagine if all miner stop their mining.

definitely will not be something good for bitcoin.

[KaliLinux]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

The price will be a million dollars by then have you not heard?

So the small fee's will actually be a massive payday better than they are now actually.

[redsn0w]

The block reward will seize to exist at some point in time.

What could be used as a further incentive to mine?

I can't imagine if all miner stop their mining.

definitely will not be something good for bitcoin.

If all the miners stop the mining activity the bitcoin network will die instantly, because the various transactions will be never "confirmed". I don't think all the miners will shut down their hardware machines at the same time.

[najzenmajsen]

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

only 7 transactions per second ? O_o
Source? this is actually a major issue imo , nothing compared to banks tho...

[redsn0w]

I think the concept is that transaction fees will replace, or even exceed block rewards.

Consider 2000 Visa transactions per second, and PayPal at about 120 transactions per second.

If there were just 20 Bitcoin transactions per second at a .0001 BTC transaction fee, this would make 1.2 BTC per block in just transaction fees. If some of these transactions had higher fees in order to get priority, then fees per block could be 2 or 3 BTC or more.

Unfortunately, today Bitcoin can only handle about 7 transactions per second, but with some of the proposals on the table, this may change very soon, then only further adaption is required in order to keep mining profitable as block rewards drop.

TT

only 7 transactions per second ? O_o
Source? this is actually a major issue imo , nothing compared to banks tho...

Here some interesting discussion about this "problem" :

- https://bitcointalk.org/index.php?topic=608561.0
- http://hashingit.com/analysis/33-7-transactions-per-second

For the moment it is not a problem , but maybe in the future it will be a real problem.